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  1. #421
    ShareTrader Legend Beagle's Avatar
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    Good post Noodles. Nice to see you posting again, don't be a stranger...come and post more often.

    Yes I agree 100%. A capital raise of about $30m, at that price less costs would go a long way towards righting the ship. That might be the time to have a punt on this penny dreadful.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  2. #422
    Speedy Az winner69's Avatar
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    At this rate share price will be under 20 cents again

    Hope you guys booked your profits on the spike.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #423
    Speedy Az winner69's Avatar
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    Quote Originally Posted by noodles View Post
    While the price is much lower than IPO, the valuation metric (EV/EBITDA) used to sell the IPO is much the same. I can see a 1:1 rights issue at 17c as being realistic. Even then, they will still have plenty of debt.

    IPO Now
    Price $ 1.00 $ 0.24
    MC 177 42
    Debt 9.5 48
    EV 186.5 90
    EBITDA 25.7 13.4
    EV/EBITDA 7.26 6.72
    Good measure that EV:EBITDA

    More people should use it.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  4. #424
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    Quote Originally Posted by winner69 View Post
    Good measure that EV:EBITDA

    More people should use it.
    EBITDA is going to get a bit messy as a metric going forward
    https://www.dmxam.com.au/12_03_2019_..._know_it_.html
    No advice here. Just banter. DYOR

  5. #425
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    Quote Originally Posted by noodles View Post
    EBITDA is going to get a bit messy as a metric going forward
    https://www.dmxam.com.au/12_03_2019_..._know_it_.html
    Thanks for the link, didnt even know this was happening. Talk about adding to the confusion. Always just assumed rent was just an expense on the P&L, will def make me look twice when reading other annual reports now from foreign companies. Who else uses this sort of method for leases?

  6. #426
    Speedy Az winner69's Avatar
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    Quote Originally Posted by noodles View Post
    EBITDA is going to get a bit messy as a metric going forward
    https://www.dmxam.com.au/12_03_2019_..._know_it_.html
    Important bit

    To a large extent, cashflows will not change as a result of the standard. This reinforces the importance of free cashflow as the key metric to follow.

    Ebitda was just a proxy for operating cash flow anyway
    Last edited by winner69; 29-04-2019 at 07:33 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  7. #427
    Speedy Az winner69's Avatar
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    Quote Originally Posted by LAC View Post
    Thanks for the link, didnt even know this was happening. Talk about adding to the confusion. Always just assumed rent was just an expense on the P&L, will def make me look twice when reading other annual reports now from foreign companies. Who else uses this sort of method for leases?
    LAC - effective in NZ for reporting periods commencing Jan 2019

    So more reading for you
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  8. #428
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    Quote Originally Posted by noodles View Post
    EBITDA is going to get a bit messy as a metric going forward
    https://www.dmxam.com.au/12_03_2019_..._know_it_.html
    Good write-up Noodles. My opinion is this change in accounting standards is a good example of a well intentioned change making things more complex. Sure the right to occupy premises is an intangible asset but its contingent on continuing to pay the rent so simple common sense says the intangible asset is offset by the contingent liability and all that really exists is the expense of monthly lease payments.

    Would have been just as easy to make it mandatory for all companies to disclose all material lease obligations as a note to the accounts and let sleeping dogs lie in terms of the current standard but some of these number crunching boffins in their ivory towers overseas have to be seen to be doing something to justify their exorbitant salaries.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  9. #429
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Beagle View Post
    Good write-up Noodles. My opinion is this change in accounting standards is a good example of a well intentioned change making things more complex. Sure the right to occupy premises is an intangible asset but its contingent on continuing to pay the rent so simple common sense says the intangible asset is offset by the contingent liability and all that really exists is the expense of monthly lease payments.

    Would have been just as easy to make it mandatory for all companies to disclose all material lease obligations as a note to the accounts and let sleeping dogs lie in terms of the current standard but some of these number crunching boffins in their ivory towers overseas have to be seen to be doing something to justify their exorbitant salaries.
    Lease obligations presently are disclosed in Annual Reports

    HLG have $88m of lease obligations (last August) as an example

    You should read Note 7 of last HLG Financial Statements as to impact on their financial when they adopt the new standards this financial year.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #430
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    Thanks yes, quite right, was having a brain microsleep earlier. I do seem to recall vaguely that it will make some really minor difference.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

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